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Use the Figure to Calculate the Income Elasticity of Demand

Question 45

Multiple Choice

Use the figure to calculate the income elasticity of demand when income increases from $25,000 to $30,000:
Use the figure to calculate the income elasticity of demand when income increases from $25,000 to $30,000: A) -1.0 B) -0.1818 C) 0.1818 D) -1.5 E) 1.2


A) -1.0
B) -0.1818
C) 0.1818
D) -1.5
E) 1.2

Correct Answer:

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